The purpose of this paper is to identify school effects on student performance for tertiary entrance in Australia, taking into account student-level predictors using longitudinal data from the 2003 Programme for International Student Assessment (PISA) study. It finds that aspects of schooling, such as positive attitudes to school and disciplinary climate, affect student performance at the student level but not generally at the school level. The socioeconomic context of schools has no effect on student performance when taking into account schools' academic context. Apart from academic context, teacher shortage, academic press, and teacher efficacy were the only school factors that had positive significant effects on student performance. The policy implications are that school-based policies are unlikely to improve performance or promote equity, but, instead, policies should focus more on students falling behind, who are found across the school system, not limited to a small proportion of schools with particular characteristics. (Contains 3 tables and 7 notes.)